Settlement of In re Ubiquiti Networks, Inc. Securities Litigation
Master File No. 12-cv-04677-YGR
The parties have reached a settlement of this action, pending in the United States District Court for the Northern District of California. The settlement provides for the payment of $6,800,000 for the benefit of eligible Settlement Class Members. Lead Plaintiffs Inter-Local Pension Fund GCC/IBT and Bristol County Retirement System alleged that the Registration Statement issued in connection with Ubiquiti Networks, Inc.’s (“Ubiquiti” or the “Company”) October 14, 2011 initial public offering contained materially false and misleading statements that counterfeiting of Ubiquiti’s wireless networking products was merely a risk faced by the Company. Plaintiffs allege that, instead, at the time of the initial public offering, an international counterfeiting ring was already operational and causing substantial harm to Ubiquiti’s financial results and damaging its goodwill and reputation. Plaintiffs allege that when disclosures were allegedly made about the impact of the counterfeiting, Ubiquiti’s stock price fell, allegedly damaging Settlement Class Members.
The Settlement Class consists of all Persons that purchased or acquired the publicly traded common stock of Ubiquiti pursuant and/or traceable to Ubiquiti’s initial public offering on or about October 14, 2011, i.e., all Persons that purchased or acquired the publicly traded common stock of Ubiquiti from October 14, 2011 through May 3, 2012. Excluded from the Settlement Class are: (i) the Defendants; (ii) members of the immediate families of the Individual Defendants; (iii) Ubiquiti’s and the Underwriter Defendants’ subsidiaries and affiliates; (iv) the officers and directors of Ubiquiti; (v) any entity in which any Defendant has a controlling interest (but in the case of the Underwriter Defendants, only such entities that they have a majority ownership interest in); and (vi) the legal representatives, heirs, successors and assigns of any such excluded person or entity. Also excluded from the Settlement Class will be any Person who timely and validly seeks exclusion from the Settlement Class.
The settlement was preliminarily approved by the Court on September 13, 2017. The Court has scheduled a final approval hearing for December 19, 2017, at 2:00 p.m.
If you are a Settlement Class Member, to receive a payment from the settlement proceeds, you must submit a claim form postmarked no later than December 5, 2017. The claim form can be obtained by clicking on the Proof of Claim and Release link below.
Alternatively, you can submit your claim online. Online claims must be submitted by December 5, 2017. For more information, and to file your claim online, visit the Claims Administrator’s Ubiquiti Networks Securities Litigation website at www.ubiquitisecuritieslitigation.com.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.
- Stipulation and Agreement of Settlement
- Order Granting Preliminary Approval of Class Action Settlement, Approving Form and Manner of Notice, and Setting Date for Hearing on Final Approval of Settlement
- Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys’ Fees and Expenses
- Proof of Claim and Release